Winners & Losers: Projected Annual Returns Don’t Favor the U.S.!

In the immortal words of the physicist Niels Bohr: “Prediction is very difficult. Especially if it’s about the future.”

I rarely make firm market forecasts. I’m happy to leave that responsibility in Harry’s capable hands. But I do like to see what broad valuations imply about future returns.

You know the refrain: Past performance is no guarantee of future results. But the following returns estimates,